Mineral Resources (MIN) investor relations material

Executive summary

• FY27 guidance maintained across all divisions; Mining Services production reached a record 103Mt, up 10% QoQ.

• Onslow Iron shipped 9.2M wmt on a 100% basis, including a record 3.49M wmt export month in September; attributable lithium SC6 sales reached a record 170k dmt.

• Net debt fell $0.2B to $4.1B and liquidity increased $0.1B to $2.5B after $310M capex and payment of the FY26 dividend.

Financial highlights

• At 30 September, cash was $1.7B, liquidity $2.5B, gross debt $5.8B and net debt $4.1B, compared with $1.6B, $2.4B, $5.8B and $4.3B at Q4 FY26.

• Q1 capex was $310M, down from $373M QoQ; the Onslow Iron carry loan balance declined to $303M from $335M.

• FY26 full-year dividend payment of $160M was made during the quarter; net cash interest paid was minimal as bond interest is paid in Q2 and Q4.

Outlook and guidance

• FY27 guidance maintained: Onslow Iron shipments 20.0–21.7M wmt; Pilbara Hub 10.0–11.0M wmt; lithium sales Wodgina 360–390k dmt SC6, Mt Marion 200–240k and Bald Hill 100–120k.

• FY27 FOB cost guidance: Onslow Iron $54–58/wmt; Pilbara Hub $74–79/wmt; Wodgina $640–710/dmt SC6; Mt Marion $960–1,020/dmt SC6 and Bald Hill $1,150–1,250/dmt SC6.

• FY27 Mining Services production guidance is 370–390Mt and capex guidance is $1,425M.

• Current diesel pricing is expected to lift FOB costs from October due to a one-month lag; costs are expected to remain within FY27 guidance at current prices.